BREAKING NEWS: Tinubu Seeks Reform Of International Finance Institutions To Benefit Africa

Tinubu Seeks Reform Of International Finance Institutions To Benefit Africa

Seeks Reform Of International Finance Institutions To Benefit ….CÓΠTINUE RÈADING HERE>>>


President , on Monday, advanced his economic development diplomatic drive for investment attraction as he engaged extensively in a bilateral discussion with South African President, Cyril Ramaphosa, in City, United States, ahead of the 78th United Nations General Assembly (UNGA).

, in a statement by presidential spokesman, Ajuri Ngelale, asserted that must have a consensus view that the hundreds of billions of dollars spent through International Development Finance Institutions over the years must meet the specific needs of developing democracies in Africa, even if it is done with exclusive regard for their own enlightened self-interest.

“During the end of the Second War, the Marshall Plan was established for the reconstruction and economic restoration of European nations through Bretton Woods institutions. Where has this presence been for Africa? We have to be careful not to replace the broken shackle of yesterday with a new set of shackles.

“You cannot have a stable democracy in the presence of a of knowledge and a starvation of . Democracy without food on the table is a breeding ground for what will consume , if care is not taken.

“We must join hands and agree that International Finance Institutions require reform as Africa is not to be a ground for economic scavenging any longer, but it is a place with gifted that is ready for investment and cooperation.

“We have all the human and natural resources required between our nations. We can collaborate in a mutually beneficial way that enriches our populations. South African industries have a role to play in the solid minerals development sector. Your community has done well in Telecommunications.

“We have great mineral wealth across our land, and you have good expertise in this area. We expect to deliver jobs and mutually beneficial results in this area as brother and sister countries,” the President affirmed.

Referencing 's quick implementation of what he called “” economic reforms, the South African President agreed that the two countries have much more wealth to create together in and intentional partnership, with each nation leveraging on each other's respective strengths.

“We are two major economies on our continent, and it is important that we deepen economic ties, particularly in light of the African Continental Free Trade Agreement. We are very keen on the deepening of our economic relations,” the South African President said.

The South African President emphasised that history has proven that and can move the on matters of mutual concern when the two nations operate on the same wavelength.

“We would love to see and working closely together on a number of issues because whenever we join hands, we have made an impact globally through those positions. Together, we can move the global south forward. We are a continent that has been plundered. And wealthy nations made so much of it from , and we must seek out partners who will help us to advance our own interests,” the South African President emphasised.

Recognising President 's effective stewardship as the Chairman of the Authority of Heads of State and , the South African leader said that Southern Africa needed to emulate the solidarity being demonstrated in West Africa, following the Republic crisis.

“We believe that we have a lot to learn from and its unity in reaching consensus positions on sub-regional matters. This is something we seek to emulate in the Southern African sub-region in view of events in Mozambique and other areas,” President Ramaphosa said.

The South African leader also used the opportunity of the bilateral engagement to extend an invitation to President Tinubu to visit South Africa, following President Ramaphosa's recent visit to Nigeria, as part of efforts to deepen economic ties and the broader relationship between both countries.

While accepting the invitation, President Tinubu affirmed that an Africa, in which Nigeria and South Africa are working in synergy to advance their common interests, is the strongest version of the continent, which can make more impact on global affairs for the benefit of over one billion Africans with its enormous human and natural resource wealth.

“Our continent is the last untapped ground for accelerated, massive growth and new economic opportunity on earth. We must be in charge of our own resources, and we must work to use each other effectively to achieve what is best for all of us, Mr. President. We look forward to an era of economically productive relationship,” the Nigerian President concluded.


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